Reverse Mortgage Article
Reverse Mortgage – Turning Your Home into a Pot of Gold!
As the world awaits January 2008, when the first round of baby boomers
turn 62 years old, investors from Washington to Wall Street are
scurrying to add new, innovative products to the fast growing REVERSE
MORTGAGE MARKET!!
It wasn’t long ago that consumers had three reverse mortgage products to
choose from: the FHA HECM, the FANNIE MAE HOME KEEPER, and the JUMBO
CASH ACCOUNT. Now, seven new lenders have introduced competing programs,
with
more large investors positioning to move into this growing market.
In addition to these private sector programs, new multiple-margin HECM
products have been introduced, as well as an FHA/HECM FIXED rate option.
Many consumers have long awaited the option of having a fixed rate, and
at last it is here.
In just the past six months (January thru June 2007) the reverse
mortgage business has witnessed a rapid evolution not seen in over 17
years of existence. The reverse mortgage industry is finally beginning
to mirror the traditional “forward” mortgage market, as we see more
lenders launching a wider variety of products and pricing options
designed to fit the needs of our senior customers.
One of the most exciting new products available today is the new
“Purchase Reverse Loan”. This product is available to seniors who are in
the market to either purchase a new home, to down size, or relocate
close to family. The ability to use a reverse mortgage to purchase a new
property while never having to make a mortgage payment is VERY appealing
to all seniors.
Another exciting new product, is the use of a reverse mortgage to
purchase a second home. Many seniors would love to have the option to
have that summer home in the mountains, or that winter home in Arizona.
Now, you can, payment free for life, with the use of a reverse mortgage.
You can even, have two reverse loans at the same time, one on your
existing home, and one on your vacation home. Imagine two homes, no
payments!
Because of all the new program concepts, and terminology, it is advised
that you have a complete understanding and confidence in the reverse
mortgage process. Not all lenders have the same variety of products, and
many have only a few choices of investors.
It is advised to look for a lender who belongs to the National
Association of Reverse Mortgage Lenders (NRMLA). This organization is
currently the only overseer of the ethical conduct of reverse mortgage
lenders.
For Your Private In Home Consultation, Call Virginia Berry Today at 719-520-3326
“When Experience Counts” Find Out What a Reverse Mortgage Can Do for You
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